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b) Indian
citizen
who is
not
ordinarily
resident
in India
14. 10(9) Income of any member of family of Entire Amount Individual
any individual [referred to in section
10(8), 10(8A) or 10(8B)] which
accrues or arises outside India and is
not deemed to accrue or arise in India
and which is subject to tax in that
foreign country
15. 10(10) Death-cum-Retirement Gratuity Individual -
received by: Salaried
(i) Government employees Entire Amount Employee
(ii) Other employees who are covered Least of following amount is exempt
under Gratuity Act, 1972 from tax:
1. (*15/26) X Last drawn salary**
X completed year of service or
part thereof in excess of 6
months.
2. Rs. 20,00,000#
3. Gratuity actually received.
*7 days in case of employee of
seasonal establishment.
** Salary = Last drawn salary
including DA but excluding any
bonus, commission, HRA, overtime
and any other allowance, benefits or
perquisite
(iii) Other employees who are not Least of following amount is exempt
covered under Gratuity Act, 1972 from tax:
1. 1/2 X Average Salary* X
Completed years of service
2. Rs. 10,00,000
3. Gratuity actually received.
*Average salary = Average Salary of
last 10 months immediately
preceding the month of retirement
**Salary = Basic Pay + Dearness
Allowance (to the extent it forms
part of retirement benefits)+
turnover based commission
16. 10(10A) Commuted value of pension received Individual -
by: Salaried
a) Government employee Entire Amount Employee
by the employee
2. 1/2 of full value of commuted
pension, if gratuity is not
received by the employee
18. 10(10AA) Encashment of unutilized earned Individual -
leave at the time of retirement by: Salaried
a) Government employee; Entire Amount Employee
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any Committee
thereof.
10(17)(ii) Any Allowance received by MP Entire Amount Individual -
under Member of Parliament Member of
(Constituency Allowance) Rules, Parliament
1986.
10(17)(iii) Any Constituency Allowance Entire Amount Individual -
received. Member of
State
Legislature
32. 10(18) Pension received by an individual Entire Amount Individual -
who has won specified/notified Central or State
gallantry awards and family pension Government
received by any family member of Employees or
such individual his family
member
33. 10(19) Family pension received by the Entire Amount Individual -
widow, children or nominated heirs Widow or
of a member of the armed forces children or
(including paramilitary forces) where nominated heirs
death of such member has occurred in of members of
the course of operational duties the armed
(subject to prescribed conditions and forces.
circumstances)
34. 10(19A) Notional annual value of any one Entire amount Individual
palace occupied by former Ruler.
34A 10(23FBB) Any income received by a unit holder That proportion of distributed Unit holder of
from an investment fund [being of the income which is of the same nature an investment
same nature as income chargeable as income chargeable under the head fund specified
under the head PGBP] PGBP. under Section
115UB
34B 10(23FD) Any income received by a unit holder Any income (except interest Unit holder of a
from business trust, not being that received from a SPV or any rental business trust.
proportion of the income of business income) distributed by business trust
trust which is in the nature of: to its unit holders
a) interest received or receivable
from a SPV; or
b) any income from renting or
leasing or letting out any real
estate asset owned directly by
such business trust (REIT)
35. 10(26) Specified income of a member of Entire Amount Individual
Specified Scheduled Tribes residing being a member
in Specified Areas. of Scheduled
Tribe
36. 10(26AAA) Income from any source in the State Entire Amount Individual,
of Sikkim or income by way of being a
dividend or interest on securities Sikkimese
(Subject to certain conditions). (other than
Sikkimese
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Woman who,
after 31-03-
2008, marries
non-Sikkimese)
37. 10(32) Income of minor child clubbed under Rs. 1,500 per child or Income of Individual
Section 64(1A) with parent’s income. Minor, whichever is lower
38. 10(37) Capital gains arising on compulsory Entire Amount of capital gains Individual and
acquisition of urban agriculture land, HUF
if:
a) Compensation is received after
31-03-2004; and
b) Agriculture land was used by
taxpayer or his parents for
agricultural purpose during last
two years
(Subject to certain conditions)
38A 10(37A) Capital Gains arising on transfer of Entire amount of capital gains Individual and
land under Land Pooling Scheme HUF
under the Andhra Pradesh Capital
City Land Pooling Scheme
(Formulation and Implementation)
Rules, 2015.
39. 10(43) Amount received by an Individual as Entire Amount Individual
a loan under reverse mortgage
scheme referred to in Section 47(xvi)
40. 10(45) Any notified allowance/ perquisite Entire Amount Individual -
paid to the Chairman/retired Chairman/
Chairman or any other member/ Retired
retired member of UPSC Chairman or
any other
member/ retired
member of
UPSC
1. 16(ia) Standard Deduction Rs. 40,000 or the amount of the salary Individual -
whichever is fess Salaried
Employee
2. 16 (ii) Entertainment Allowance Least of the following is exempt from Individual -
tax: Government
a) Rs 5,000 Employee
b) 1/5th of salary (excluding any
allowance, benefits or other
perquisite)
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arising from sale of residential house capital gain, whichever is lower. HUF
or land appurtenant thereto, in
purchase/construction of one new
residential house (Subject to certain
conditions and limits).
2. 54B Investment of capital gains, arising Amount invested in agricultural land Individual and
from transfer of land used for or capital gains, whichever is lower. HUF
agricultural purposes by an individual
or his parents or a HUF, in other
agricultural land (Subject to certain
conditions and limits).
3. 54F Investment of long-term capital gains, Amount invested in one new asset X Individual and
arising from transfer of any long term capital gains/ et Consideration HUF
asset other than a residential house
property, in one new residential house
property, provided that on the date of
transfer the assessee should not own
more than one residential house
property (Subject to certain conditions
and limits).
4. 54GB Investment of long-term capital gains Amount invested in new asset by Individual and
arising from transfer of long-term eligible Co. X Capital gains/Net HUF
capital asset, being a residential Consideration
property, for subscribing the equity
shares of an eligible company and
such company has, within one year
from the date of subscription, utilized
this amount for purchase of specified
new asset (subject to certain
conditions and limits).
Note:
1. W.e.f. April 1, 2017, eligible
start-up is also included in
definition of eligible company.
2. Provisions of this section shall
not apply to any transfer of
residential property made after
March 31, 2017. However, in
case of an investment in eligible
start-up, the residential property
can be transferred up to March
31, 2019.
IV. Deductions from Income from Other Sources
1. 56(2) Any sum of money or immovable The whole amount received from Any person
(x) property or movable property received specified relatives or in specified
on or after April 1, 2017 without circumstances shall not be included in
consideration or for inadequate taxable income.
consideration*** from a relative or
member of HUF (subject to certain
conditions and circumstances).
Note : *** With effect from April 1,
2019, in case of immovable property,
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opting out of the pension scheme is not exceed 10% of salary of the
exempt to the extent of 40%. employee.
However, with effect from the *10% of salary in case of employees
assessment year 2017-18, the whole otherwise 20% of gross total income.
amount received by the nominee from
NPS on death of the assessee shall be
exempt from tax.
4. Any partial withdrawal from NPS
shall be exempt to the extent of 25%
of amount of contributions made by
the employee.
4. 80 Amount invested by specified resident Deduction of 50% of total investment Specified
CCG individuals in listed shares or listed subject to maximum of Rs. 25,000 is Resident
units in accordance with notified allowed for 3 consecutive assessment Individual
scheme for a lock-in period of 3 years years, beginning with the assessment
(Subject to certain conditions). year relevant to the previous year in
Note: No deduction shall be allowed which the listed shares or list units of
under this Section from Assessment equity oriented funds are first acquired
Year 2018-19. However, an assessee
who has claimed deduction under this
Section earlier shall be allowed
deduction till assessment year 2019-
20.
5. 80D Amount paid (in any mode other than In case of Individual, amount paid: Individual/HUF
cash) by an individual or HUF to LIC a) For self, spouse and dependent
or other insurer to effect or keep in children: Up to Rs. 25,000 (Rs. 50,000
force an insurance on the health of if specified person is a senior citizen)
specified person*. An individual can b) For parents: additional deduction of
also make payment to the Central Rs. 25,000 shall be allowed (Rs.
Government health scheme and/or on
50,000 if parent is a senior citizen)
account of preventive health check-up.
In case of HUF, up to Rs. 25,000 (Rs.
* specified person means: 50,000 if specified person is a senior
- In case of Individual - self, spouse, citizen).
dependent children or parents
- In case of HUF - Any member
thereof
Note:
1. Deduction for preventive health
check-up shall not exceed in
aggregate Rs. 5,000.
2. Payment on account of preventive
health check-up may be made in
cash.
3. Within overall limit, deduction
shall also be allowed up to Rs.
50,000 towards medical
expenditure incurred on the
health of specified person
provided such person is a senior
citizen and no amount has been
paid to effect or to keep in force
an insurance on the health of
such person.
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14. 80TTB Interest on deposits with a banking 100% of the amount of such income Any senior
company, a post office, co-operative subject to the maximum amount of Rs. citizen
society engaged in banking business, 50,000
etc. (Subject to certain conditions)
15. 80U A resident individual who, at any time Rs. 75,000 (Rs. 1,25,000 in case of Resident
during the previous year, is certified severe disability) Individual
by the medical authority to be a person
with disability [as defined under
Persons with Disabilities (Equal
Opportunities, Protection of Rights
and Full Participation) Act, 1995]
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8. 44ADA Assessee who has opted for No need to pay advance tax in Resident
presumptive taxation scheme under installments. Assessee can pay whole assessee who is
section 44ADA amount in one installment on or before engaged in a
15th March of the financial year profession
referred to in
section
44AA(1)
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